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Deductions & credits
Yes, there is a provision in tax law permitting the tax free exchange of real property that is held for the productions of income (rental, usually) or used in a trade or business, such as a store building or a warehouse.
if you are in the business of flipping houses, the like kind provision would not apply to them to get tax-free exchange treatment.
Here's a great article from TurboTax on the subject of tax free exchanges, including the form to file if your transaction qualifies.
What is IRS Form 8824: Like-Kind Exchange - TurboTax Tax ...
Now, about saving tax dollars by contributing to an IRA, here's a great article on that subject and other great ideas. .IRA Deductions
‎January 23, 2021
3:28 PM